On April 25, 2016, Saudi Arabia announced Vision 2030, an ambitious economic plan intended to confirm the kingdom’s status as “the heart of the Arab and Islamic worlds, the investment power house, and the hub connecting three continents.” The accompanying vision statement was long on rhetoric and short on detail, making it difficult to judge the progress achieved one year later. But its grand goals have captured the imagination of international business figures seeking deals and investments, especially the proposed initial public offering (IPO) for part of the state-owned oil company Saudi Aramco, expected in 2018. Anecdotal evidence also suggests that the program is popular with Saudi youths, who are tantalized by the prospect of a more liberal society. Yet several obstacles loom:

• The persistent slump in oil prices, which is curtailing revenues badly needed to implement the proposed changes.
• The costly financial and political distraction of the war in Yemen, where efforts to reinstate the internationally recognized government have so far failed.
• The kingdom’s basic resistance to change, epitomized by the deep conservatism of the Ulama, the clerical leadership that remains a significant political force.
• Uncertainty about whether the current crown prince will actually become king and, if so, whether he will endorse the project.

Read the full article at The Washington Institute.